MINISO reportedly appoints banks for TOP TOY’s HK IPO

Global lifestyle brand MINISO has reportedly hired two banks to arrange an initial public offering (IPO) in Hong Kong for its trendy toy and collectibles brand, TOP TOY. 

The two banks, J.P. Morgan and UBS Group were said to be hired to facilitate the planned IPO of TOP TOY, according to Bloomberg. Additionally, the company may consider bringing in other banks to join the IPO team.

Meanwhile, MINISO is seeking to attract new investment for TOP TOY from potential investors, including sovereign wealth funds, prior to the share sale, according to the report. 

This follows reports that MINISO is considering spinning off and listing TOP TOY, a strategy that comes in the wake of the rise of Chinese toy maker POP MART, according to Bloomberg. POP MART's overall revenue surged by over 165% in the first quarter of 2025, fueled by rapid expansion in overseas markets, according to its filing with the Hong Kong Stock Exchange (HKEX).

MINISO launched TOP TOY in late 2020, offering a wide range of products, including blind boxes, action figures, and designer toys. Initially opening just nine stores across five Chinese cities, the brand has since expanded rapidly.

According to MINISO’s latest quarterly results released on HKEX in May, TOP TOY’s revenue surged 58.9% year-over-year (YoY) to US$46.8 million in the first quarter of 2025, largely driven by rapid store expansion. As of 31 March 2025, TOP TOY operated 280 stores, having added a net 120 new stores over the past year. 

Eason Zhang, CFO of MINISO, said, “Gross margin for the March quarter reached 44.2%, which was the highest for the past March quarters ever, thanks to our solid performance from overseas markets and Top Toy. Our mainland franchise segment achieved a stable operating margin year over year amid a challenging environment while our investments into new businesses will open up growth opportunities over the long term."

MARKETING-INTERACTIVE has reached out to MINISO for more information.

Don't miss: MINISO unveils Stitch-themed flagship store to engage wider audience 

Apart from TOP TOY, MINISO is also expanding its local presence by rolling out co-branded products. In April, MINISO launched a new Stitch-themed flagship store in Hong Kong, attracting over 150 Stitch fans who gathered outside for a chance to take home the limited-edition blind box collection.

Featuring the Stitch-themed store design, the new store located in Causeway Bay brought Disney’s beloved blue alien to the city with a special limited-piece blind box collection launch. Located in the Yee On Building, the store presents over 20 IPs, representing a strengthening of the brand’s Super IP strategy in the city, with blind boxes, plush toys, and IP products comprising over 80% of the in-store selection. 

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